IIFL Finance Personal Loan Interest Rates

4.5

Indian Infoline (IIFL) Finance offers personal loans starting at an interest rate of 12.75% p.a. for loan amounts up to Rs 25 lakh and for terms up to 5 years. Additionally, it provides express loan disbursement within eight hours, instant personal loan approval in only five minutes, and minimal documentation. Continue reading to learn more about personal loans from Indian Infoline Finance. Starting at 12.75% p.a. for loan amounts up to Rs 25 lakh and for terms up to 5 years. Additionally, it provides express loan disbursement within eight hours, instant personal loan approval in only five minutes, and minimal documentation. Continue reading to learn more about personal loans from Indian Infoline Finance.

  • Personal Loan offer for You

  • 12.75% - 44%

    Interest Rate (p.a.)
  • ₹5K - ₹5L

    Tenure(0 - 3 Years)
  • ₹2,263 - ₹4,144

    EMI Per Lakh
  • 12.75% - 44%

    Interest Rate (p.a.)
  • ₹5K - ₹5L

    Tenure(0 - 3 Years)
  • Up to 2%-6% of loan amount

    Processing Fee

Compare IIFL Finance Personal Loan Interest Rates with Other Lenders

It is important to compare different lenders offering personal loans to get the loan you deserve. Therefore, a table comparing the interest rate of personal loan in IIFL Finance and other lenders has been provided below. Applicants must go through the following table to protect themselves against any wrongful claim of interest rates.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

IIFL Finance offers a diversified range of loan products. A customer can avail of a loan between INR 5000 and 5 lakhs with 12.75% - 33.75% pa as the interest rate of personal loan in IIFL Finance. The interest rate is offered based on eligibility, CIBIL score, loan amount, tenure and other factors. It must be noted that the IIFL Finance personal loan rate of interest is calculated on the reducing balance method.

IIFL Finance Personal Loan Interest Rates for Salaried and Self-Employed

IIFL Finance personal loans are available for both salaried and self-employed applicants. A loan amount between INR 5000 to INR 5 lakhs can be taken for a tenure between 3 months and 42 months. The IIFL Finance personal loan current interest rate is given in the table below:

Salaried Employee 12.75% - 33.75% pa
Self-Employed 12.75% - 33.75% pa

Note: The interest rate mentioned above is for January 2023.

IIFL Finance personal loan interest rate for salary account

Customers with salary accounts at IIFL FInance can get a personal loan at discounted rates. The IIFL Finance personal loan rate of interest will start from 12.75% pa and can go up to 33.75% pa. A customer must approach the NBFC for the best rates.

IIFL Finance pre-approved personal loan interest rate

A borrower can get their personal loan approved at competitive rates. The IIFL Finance PL interest rate for pre-approved personal loans dances between 12.75% - 33.75% pa. However, the borrower must check the eligibility criteria beforehand.

IIFL Finance Personal Loan Balance Transfer Interest Rates

Balance transfer is a facility offered to the customers of other lenders to get their remaining balance transferred to IIFL Finance for better interest rates, tenure and other benefits. The interest rate of personal loan in IIFL Finance on balance transfer ranges between 12.75% - 33.75% pa.

IIFL Finance Personal Loan Interest Rates and Charges

The following table showcases the IIFL Finance personal loan rate of interest and other charges:

Particulars Rates and Charges
Interest Rate 12.75% - 33.75% pa
Processing Charges 2% - 4% + GST or INR 750, whichever is lowest
Convenience Fees INR 500
Penal Charges, Late Payment Charges, Defaults Of Any Monies Payable 2% Compounded Monthly

Note: The interest rate and charges mentioned above are dated January 23, 2023

Factors Affecting IIFL Finance Personal Loan Interest Rates

The factors affecting the IIFL Finance personal loan current interest rate are as follows:

Personal Income

The monthly or annual income is the most important factor influencing personal loan interest rates in India. Lenders are more willing to lend to someone with a higher monthly income because it indicates that they can repay the personal loan. The higher your income, the more likely the lender will offer you the lowest interest rate personal loan.

Credit Score

Your credit score represents your ability to repay a loan or other forms of credit. You are offered the lowest interest rate loans based on your payment history. A good credit score (over 750 out of 900) is important in determining personal loan interest rates. The better your credit score, the better your chances of getting the best personal loan interest rates.

Stability

Borrowers are evaluated by lenders based on the consistency of their income source. Lenders will view a salaried employee working for a reputable organisation as a positive sign because you will have a stable career and an uninterrupted source of income.

Self-employed individuals should have a consistent source of income or a business with a high turnover. The personal loan will have a lower interest rate if you have cash.

Loan Factors

Lenders charge interest based on loan amount and term. You will be charged a high-interest rate if you choose a large loan. On the other hand, personal loan interest rates will be lower for a loan with a long tenure. As a result, you must adjust these two factors to achieve an optimal interest rate.

How to Calculate IIFL Finance Personal Loan Interest/EMI?

Loan interest rates are an important consideration when calculating the loan amount. As a result, you must determine the interest rate on personal loans ahead of time based on factors such as loan amount and loan tenure. You can use the IIFL Finance personal loan calculator to gauge your EMI.

The following is the basic formula for calculating EMI and interest rates on personal loans:

EMI = P * r * (1+r) ^n / ((1+r) ^n-1)

Here,

  • “P” is the principal amount
  • “R” is the rate of interest per month
  • “n” is the loan tenure

How to Get Low-Interest Rates on IIFL Finance Personal Loan?

The following points must be kept in mind to get a low IIFL Finance PL interest rate:

  • Maintain a credit score of at least 750 out of 900 by making timely payments.
  • Maintain a consistent source of income with a financial plan.
  • Look for pre-approved personal loan products from banks and non-bank financial companies.
  • Only take a business loan from a reputable, experienced financial institution.

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of an IIFL Finance personal loan?

The IIFL Finance personal loan interest rates range between 12.75% – 33.75% pa.

How can I reduce my interest in IIFL Finance personal loan?

To reduce the personal loan interest rate IIFL Finance 2023, applicants must maintain a minimum credit score of 750 and have a consistent source of income.

Is IIFL Finance personal loan a floating-rate loan or a fixed-rate loan?

IIFL Finance personal loan offers a floating-rate loan.

Do IIFL Finance demand collateral or security for personal loans?

IIFL Finance does not demand collateral or security for personal loans.

Can individuals pay off their IIFL Finance loans EMI early?

Yes, individuals pay off their IIFL Finance loans EMI early. However, they may have to pay pre-payment charges set by the NBFC.

What is the EMI for a 1 lakh personal loan?

The EMI for a personal loan amounting to INR 1 lakh is INR 9026. This amount was calculated using the IIFL Finance personal loan interest calculator with a repayment tenure of 1 year and a rate of interest of 15% pa.

Urban Money